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Copper Fox announces the closing of $2,200,000 financing by an insider

VANCOUVER, Jan. 30, 2012 /CNW/ - Copper Fox Metals Inc. ("Copper Fox" or "the Company") (TSX-V: CUU) is pleased to announce the closing of a financing by an insider for net
proceeds of $2,200,000 (the "Financing").

The Financing consisted of the issuance of 2,000,000 units at a purchase
price of $1.10 per unit, for aggregate net proceeds of $2,200,000. Each
unit consists of one common share of Copper Fox and one common share
purchase warrant of Copper Fox. Each warrant entitles the holder
thereof to acquire one common share of Copper Fox at an exercise price
of CDN $1.25 prior to 5:00 PMJanuary 30, 2013.

Monies raised from the Financing will be used to fund costs associated
with completing the feasibility study on the Schaft Creek deposit and
general operating expenses.

In accordance with applicable securities legislation, securities issued
pursuant to the Financing are subject to a hold period of four months
plus one day from the date of completion of the Financing.

No fees or commissions were paid as part of this transaction.

About Copper Fox

The Company is working on completing a feasibility study on the Schaft
Creek deposit, one of the largest undeveloped copper, gold, silver and
molybdenum deposits in North America. The feasibility study is being
led by Tetra Tech WEI Inc. on a minimum 120,000 tpd open pit mine and
is expected to be completed during the first quarter of 2012.

Copper Fox holds title and a 100% working interest in a contiguous
21,024.96 hectare (51,954 acre) property which includes the Schaft
Creek deposit subject to a 3.5% net profits interest held by Royal
Gold, Inc., a 30% net proceeds interest held by Liard Copper and an
earn back option held by Teck Resources Limited ("Teck"). Copper Fox
is currently earning a 78% interest in Liard Copper from Teck. Teck's
earn back option to acquire 20%, 40% or 75% of the Copper Fox interest
in the Schaft Creek project is triggered upon completion of a positive
feasibility study. Should Teck elect to exercise its option for 75%
they are required to fund subsequent property expenditures up to a
total of 400% of those incurred by Copper Fox ($70.8 million as of
October 31, 2011) and arrange for project financing, including the
Copper Fox portion. For full details of the option please refer to the
Company's website www.copperfoxmetals.com.

In March 2011, the Company acquired mineral claims located adjacent to
the Schaft Creek property totalling 2,978.32 hectares (7,360 acres)
(the "March 2011 Mineral Claims") which are subject to a 2% Net Smelter
Return ("NSR"). Copper Fox has the option to repurchase, at any time,
one-half of the NSR on the March 2011 Mineral Claims for a total
purchase price of $3 million. In September 2011, the Company acquired
mineral claims located adjacent to the Schaft Creek property totalling
6,115.11 hectares (15,111 acres) (the "September 2011 Mineral Claims")
which are subject to a 2% NSR. Copper Fox has the option to
repurchase, at any time, one-half of the NSR on the September 2011
Mineral Claims for a purchase price of $1 million. The March 2011
Mineral Claims and the September 2011 Mineral Claims are subject to
inclusion with the Schaft Creek project under the terms of the Area of
Interest provisions of the Teck Option Agreement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the
meaning of the Canadian securities laws. Forward-looking information
is generally identifiable by use of the words "believes," "may,"
"plans," "will," "anticipates," "intends," "budgets", "could",
"estimates", "expects", "forecasts", "projects" and similar
expressions, and the negative of such expressions. Forward-looking
information in this news release include statements about the
completion of the Feasibility Study; potential existence and size of
mineralization within the Schaft Creek project; estimated timing and
amounts of future expenditures and "earn-back" options; geological
interpretations and potential mineral recovery processes. Information
concerning mineral reserve and resource estimates also may be deemed to
be forward-looking information in that it reflects a prediction of the
mineralization that would be encountered if a mineral deposit were
developed and mined.

In connection with the forward-looking information contained in this
news release, Copper Fox has made numerous assumptions, regarding,
among other things: the geological, metallurgical, engineering,
financial and economic advice that Copper Fox has received is reliable,
and is based upon practices and methodologies which are consistent with
industry standards; and the continued financing of the Feasibility
Study; and the anticipated analytical results of the current drilling
program. While Copper Fox considers these assumptions to be
reasonable, these assumptions are inherently subject to significant
uncertainties and contingencies. Additionally, there are known and
unknown risk factors which could cause Copper Fox's actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors
include, among others: another deposit may never be discovered on
Copper Fox's property, or contain anticipated mineralization, or
mineralization of any significance at all; the Feasibility Study may
not be completed within the contemplated time frame, or at all; the
possibility that the analytical results from the core sampling does not
return significant grades of copper mineralization; the possibility
that future drilling on the Schaft Creek project may not occur on a
timely basis, or at all; fluctuations in copper and other commodity
prices and currency exchange rates; uncertainties relating to
interpretation of drill results and the geology, continuity and grade
of mineral deposits; uncertainty of estimates of capital and operating
costs, recovery rates, and estimated economic return; the need to
obtain additional financing to develop properties and uncertainty as to
the availability and terms of future financing; the possibility of
delay in exploration or development programs or in construction
projects and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other governmental
approvals

A more complete discussion of the risks and uncertainties facing Copper
Fox is disclosed in Copper Fox's continuous disclosure filings with
Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety
by this cautionary statement, and Copper Fox disclaims any obligation
to revise or update any such forward-looking information or to publicly
announce the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.

SOURCE Copper Fox Metals Inc.

For further information:

Investor line 1-866-913-1910 or J. Michael Smith, EVP, at 1-604-689-5080